During the recent decades the financial sectors of developed and developing countries have changed remarkably. There has been a major increase in the degree of financial intermediation, and new financial instruments, triggered by national and international legal liberalisation and by the...

The present economics crisis – the worst since the Great Depression – has already been changing the rules for macroeconomic policies. Only a few months ago leading economic policy institutions had advocated laissez faire policies and regarded inflation targeting as the ‘golden rule’ for...

Money, Distribution and Economic Policy takes issue with the inappropriate treatment of money, effective demand and distribution issues in modern mainstream macroeconomics. It presents contributions which are critical of modern orthodoxy and which explore alternative approaches to macroeconomics...

Welcher Zusammenhang besteht zwischen Loehnen und Beschaeftigung? Wie beeinflussen die Loehne die Einkommensverteilung und wie wirkt sich die Einkommensverteilung wiederum auf das Wirtschaftswachstum aus? Im heutigen Mainstream scheinen diese Fragen abschließend geklaert zu sein: Es herrscht...

The world economy is in crisis. Since the initial turbulences in the U.S. subprime mortgage market in the summer of 2007, we have experienced a global recession in 2008-9 and a wave of financial speculation threatening the existence of the European Monetary Union in 2009-10. At the same time,...

Over the last 30 years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...

This volume challenges the view that unemployment is exclusively determined by structural characteristics of the labour market and the social benefit system. Macroeconomic policies and investment in capital stock are included into the analysis and it is shown that they have a major role to play....

Die neunziger Jahre erlebten in Europa die wirtschaftspolitische Dominanz eines neu-monetaristischen oekonomischen Paradigmas, das auch die Architektur der Europaeischen Waehrungsunion wesentlich praegte: Unabhaengige Zentralbanken sind demnach einzig und allein auf das Ziel der...

Despite the current growth speed up and increasing employment within the EU, one can still say that European integration is in crisis: Economic performance of the EU and, in particular, the Euro area has been lagging behind the USA, not to mention other regions of the world. At the same time...

Since the final stage of European monetary integration in the mid-1990s, the member countries of the Euro area have been suffering from slow growth and high unemployment. On average, the Euro area’s economic performance has been unsatisfactory, in particular since the growth slow down in 2001....